My trading goal for 2024

It wasn’t much, but definitely a confidence boost. :sweat_smile:

YESSIR! :blush: Thanks for the reminder, dushimes. :smiley: I’m on it. :stuck_out_tongue: I’ll try to update a bit more regularly. :smiley: For now, I’m setting every Tuesday/ Wednesday as my main trading days, but I’m looking to add more days dedicated to trading. :pray:

Totally off-topic, but I love how you guys are also talking about furniture. HAHAHAHA :joy: And your answer was pretty detailed too! :blush: I still have my eyes on a new sofa by the end of the year. :pray:

I’ve decided to open a long position @1.07752 with my SL @ 1.07264 and my TP @ 1.08313. :thinking: By the end of the night, depending on price movement, I want to adjust my SL to minimize my losses. :sweat_smile:

As you guys might already know, this trade is not looking good so far. :sweat_smile: But there doesn’t seem to be a crossover for my EMAs just yet. I’m planning to adjust my TP to 1.08000 so there’s a better chance of grabbing some pips.

Please keep us posted on how it turns out, Ria! Remember, win or lose, there’s always something to learn from each trade experience.

Good luck with your trade!

1 Like

hi there! Don’t worry about the missing out last week. You can fiend opportunities always around the corner! Keep an eye out for that reversal, and here’s to sptting a great entry soon!

1 Like

I don’t want to hijack Ria_Rose post but this response does relate to the title of the post “my trading goal” and just offers an alternative approach for those with more time on their hands than cash in the bank. As anecdotal evidence for this advice, I will tell you a story. I am moving home (it is delayed like everything else in the UK this year). When visiting the property we are buying I met the tenants who were moving out. In conversation I realized that many of the items in the home were theirs (including fitted cupboards and many other items that would cost me a lot of time and effort to replace if the tenants removed them. I asked if I could make a list and come back and negotiate a price useful to them and me. That meeting happened and over the course of the next 2 and a half hours I agreed to purchase a total of 50 items for a total sum of £1,015. My target was to purchase these items at no more than £1,500. They were more than happy to receive the money, and thanked me for offering more for most items than they had asked me to pay. Towards the end of the meeting, there were eleven curtain poles, venetian blinds and sets of modern curtains in a large conservatory. They said they did not want any money for those items. I do quite a lot of cost estimation in my job (albeit for IT equipment, software and labour, not for house stuff, but it’s all the same game to me).

I estimated that if I had had to have new stuff fitted, including delivery and cost of installation, it would have been more than £5,000.

What’s my advice? JFDI. Those tenants ran a small business from their home, in addition to the man’s main job as a building site supervisor, the couple bought and sold second hand modern furniture, so the lady could be at home for their two children and not have to pay child care fees and pick up and drop off school runs. I have a huge admiration for people like that. It is not easy to live in the UK, especially if you have to rent accommodation. As a trader myself, you soon get to admire and respect other traders. I have no idea how much that stuff cost them in money and sweat equity to make their beautiful home. That was not my business. I was only interested in knowing that I had sparked up a conversation with people I did not know that resulted in two happy parties to a trade transaction. I cannot understand how someone can be a Forex trader and NOT be a trader of other stuff. No matter how small it is, just get used to trading. Unexpected challenges? Yes, sometimes you don’t make a profit - just like Forex trading. :pray:

3 Likes

@ria_rose What kind of analysis have you done of your past trades?

Thank you soooo much! :blush: I wish I have good news, but unfortunately, I got stopped out. :confused:

Hi guuuuys! :blush: Another week, another trade. :sweat_smile: Just an update on my last trade, price really did bounce off of the dip that I predicted (at least on the 4H chart). :confused: But I got stopped out before price moved to the direction of my TP. :frowning: Unfortunately, if I had a wider stop, I would’ve hit my TP. :frowning:

But on the bright side, I’m happy that my prediction of price action was somehow accurate. :sweat_smile: It’s just a shame I wasn’t able to spot the best place to put my SL. Anyone here who caught this move? :blush:

Thank you soooo much for the reassurance! :blush: I want to try to be more consistent with my trading, despite being just a part-time trader. :confused: I know one trade a week is still too low, but it’s definitely better than my trading in the past. :sweat_smile: How about you? How was your trading week? :blush:

Definitely not hijacking Mondeo! :blush: Your replies are always very educational and informative so I also enjoy reading them! :smiley: I had to search what JFDI meant :sweat_smile: , but super hanks for sharing this one. :blush: I hope I can keep this in mind. :smiley:

Helloooo! :blush: Tbh, I don’t think I have any meaningful analysis of my past trades. :open_mouth: I post them here and look back at what went wrong or what went right, but I haven’t really put that on paper yet. :open_mouth: Do you have any suggestions?

I’m monitoring my chart for this pair again and I’m thinking it’s either going to bounce off .08329 as a resistance before price goes down, or it breaks through this area and goes even as high hitting .09357. :thinking: Very different positions so I might wait and see what price does next. :open_mouth: What do you guys think of this? :open_mouth:

  1. When you tally the mistakes of your past 20 trades, what patterns do you see?

  2. Go back and re-trade the same setups. What would you have to do in order to successfully manage those trades? Is there any pattern in what you would have to do?

Thanks for these, dushimes! :open_mouth: Just from some of my more recent trades, I feel like I tend to be too eager to get in. I feel like this might also be related to how I dedicate only 1-2 days to trading so I’m pressured to open a trade within those 102 days. :open_mouth: Apart form this, I noticed I also setup either super wide or super tight SLs. :confused:

Hmm. :thinking: I might have to think a bit more about this. :open_mouth: But I’ll start with trying to trade the same setups on demo! :open_mouth:

I’m still watching this pair, and we might hit 0.08335 soon. :open_mouth: Hopefully, we get a clearer indication of whether price will go down or break through then. :pray:

How many is some? How many are you talking about?

I suggest 20 trades.